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NBAD has no direct financial exposure to foreign entities

The National Bank of Abu Dhabi (NBAD) announced on Thursday that it has no direct exposure to Lehman Brothers or American International Group (AIG).

  • Staff Report
  • Published: 19:54 September 18, 2008
  • Gulf News

Abu Dhabi: The National Bank of Abu Dhabi (NBAD) announced on Thursday that it has no direct exposure to Lehman Brothers or American International Group (AIG).

The bank has an exposure to a subsidiary of AIG in the UAE, fully secured by commercial property, which is currently fully let, and rental generating with a market value providing cover of 150 per cent.

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